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Revenue

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Revenue

  • This topic has 3 replies, 3 voices, and was last updated 13 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 11, 2011 at 10:50 pm #50069
    kesel
    Member
    • Topics: 8
    • Replies: 3
    • ☆

    Define “revenue and explain how it should be measured? also state the five criteria that must be met before revenue is recognized for the sale of goods?

    October 16, 2011 at 1:02 pm #88721
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23316
    • ☆☆☆☆☆

    I believe that you’ll find a full explanation within a reputable study text – if I mention BPP and FTCK, this is not to exclude other publishers’ study material

    October 30, 2011 at 8:01 pm #88722
    richieinspain
    Member
    • Topics: 19
    • Replies: 86
    • ☆☆

    revenue = gross inflow of economic benefits occurring during a period arising in the ordinary course of business
    Measured @ the FV of the consideration received

    risks and benefit have passed = earned
    seller no longer has control
    can be measured reliably
    probable that the economic benefits will flow

    November 2, 2011 at 4:38 pm #88723
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23316
    • ☆☆☆☆☆

    thank you richieinspain

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